Dropbox Investor Presentation Deck

Long-Term Target Model Non-GAAP Gross Margin R&D expense as % of revenue S&M expense as % of revenue G&A expense as % of revenue Operating margin Annual Free Cash Flow 2019 76% 30% 23% 11% 12% $392M 2020 79% 28% 20% 10% 21% $491 M 2021 81% 25% 18% 8% 30% $708M Long-term target 80 - 82% 23-25% 18 - 20% 8 - 10% 30-32% $1B+ *Note: Margins and expenses exclude stock-based compensation expense and certain non-recurring adjustments. Free cash flow is GAAP net cash provided by operating activities less capital expenditures. See 29 appendix for non-GAAP reconciliation.

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